Volume #15 | IssueNo. 291/2023 | August 2023
Gift for a Lifetime!
“Vandetvam bhoo devim arya mataram. Jayatu jayatu padayugalam. Te nirantaram….”
As our nation celebrated the 77th Independence Day on 15th August, I recalled this Sanskrit song in reverence of Mother India, that I learnt in my college days. A rare one that I have never heard after that. I vividly remember the group song, the number of times we practised during break time for the Independence Day back then, the teacher who taught us and even the room where we all huddled together. What patriotism it evoked. How mesmerising the lyrics were. How peppy the beats were. Decades have rolled by. Many things in life have faded away. But the knowledge the teacher has shared in the form of this beautiful song still remains etched fresh in my memory ! Sharing of knowledge, know-how, skills is the best gift one can give and receive.
Once I was visiting my school friend in another city after many many years. No TV, no mobile, no practice of giving return gifts back then. We spent several hours talking and singing together. Her mother taught me a simple, nice devotional song which my sister and I still sing together for almost all festivals. This was decades ago but I still distinctly remember the room where we sat to learn it from her. She wrote it down for us in her own handwriting (thank god there was no computer back then) and I copied it into my music book. This is the best gift I have received – a song that needs no efforts to store, except in memory and heart, no maintenance costs, no fear of it being stolen nor destroyed – so long as we continue to sing it. An invaluable gift shared with pure love and affection.
Eons ago my aunt drew splendid rangolis in my diary that was a collection of all that I held dear – good quotes, recipes, songs and trivia. Even today when I open it, I know who taught me that, what context it was in and why she drew that for me. She left me long ago but the art form that she handed me down is still with me, close to my heart. It costed her nothing. Nor me anything. But it means a world to me. It just bonded us and is a symbol of the times we spent together.
A decade ago when I was battling with cancer, a good friend, a soul-sister, an angel filled me with hope and confidence and sent me a short meditation track that she specially recorded for me in her voice. It is so healing and calming that even today I hear it regularly. It was neither money nor sympathy that she offered. It was her knowledge that soothed me like a balm during my difficult days. Both, the meditation track and the lady hold a special place in my life.
My mother is no more, but all the shlokas that she taught us as kids, the stories that she narrated, the books that she read out to us, the meaning of the lyrics in various languages that she explained, the recipes that she painstakingly wrote and handed me down, the life lessons that she taught – all are treasures that no one can steal from me. They are cherished for life. They are simple, yet long lasting.
All of these were different forms of knowledge, art forms, skill sets that were shared freely with no expectations. Just pure love with an intent to spread happiness. Some were taught formally while some were simply shared with no pre-conditions. As we celebrate Teacher’s Day, I want to express gratitude to all my teachers including the wonderful souls, present and past who have touched my life in myriad ways by sharing knowledge openly and sincerely. A short song, a simple recipe, a splendid rangoli, a soulful meditation track…whatever it may be. Knowledge shared is knowledge doubled. Gifting knowledge is the best form of giving. Both, the giver and the gift remain immortal, so to say.
Can you recall any such precious gifts of knowledge that you have received in your life ? Who gave them to you ? When ? Why ? How ? What impact has it made on you ? What efforts are you making to pass it on to others ? As you hustle along, take time to sit back and think.
In this August, 2023 issue of Samhita you will find updates from SEBI, MCA, IT, GST apart from the Factories Act amendments carried out by the Government of Karnataka with respect to working hours and other matters. Even while Chandrayaan 3 is a successful mission, drawings lessons from its past mistakes, MCA V3 is claiming success without actual breakthrough on ground level. We are talking of activities on the earth and not moon ! Wish errors are acknowledged, mistakes accepted and remedial action taken !!
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The Factories (Karnataka Amendment) Act, 2023
The Government of Karnataka vide a Parliamentary Affairs and Legislation Secretariat notification dated August 07, 2023 amended certain provisions of the Factories Act, 1948 as regards its application to the State of Karnataka. The amendments are with respect to permitting a 4 day week for workers , subject to 48 hours in a week and permitting women in night shifts from 7 pm to 6 am, provided adequate safety and security measures are made available.
Highlights of the amendments are carried in a brief note, which can be ac
Form RD-1 amended
MCA vide notification dated August 02, 2023 has released an amended version of Form RD-1 (Form for filing application to Central Government-Regional Director). Following details have been added in the form:
- Notice of approval of the scheme of merger in CAA-11 added under Purpose of the Application.
- Details of transferor Company added as a new field.
- Copy of approved scheme of merger in CAA-11 has been added under Attachments.
MCA vide General Circular dated August 23, 2023 has granted one-time relaxation in additional fees to those LLPs who could not file Form-3, Form-4 and Form-11 within the due dates for various reasons including mismatch of details in Master Data. Following are the features of the condonation scheme:
- Form-3 and Form-4 would be processed under STP mode for all purposes except change in business activities.
- Forms are to be filed in chronological order of events so that the Master Data gets updated properly.
- Editing of Pre-filled data in the form has been enabled.
- No additional fees on Form-3 and Form-4 for events dated from 01.01.2021. For events dated prior to 01.01.2021, the forms can be filed with 2 times additional fee in case of small LLPs and with 4 times additional fee in case of other than small LLPs.
- No additional fees for filing Form-11 for Financial Year 2021-22 onwards. For Form-11 prior to FY 2021-22, the same can be filed with 2 times additional fee in case of small LLPs and with 4 times additional fee in case of other than small LLPs.
- The aforesaid forms shall be available for filing between 01.09.2023 till 30.11.2023(both days inclusive).
- LLPs availing the aforesaid scheme shall not be liable for any action w.r.t delayed filing.
- MCA has also issued FAQs on the above.
SEBI has amended the provisions of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements), 2015 to include a new Chapter on voluntary delisting of Non-Convertible Debt Securities or Non-Convertible Redeemable Preference Shares. A summary of the provisions notified under the new chapter are carried in a brief note, which can be accessed from the link below.
Safe Harbour is defined as circumstances in which the tax authority shall accept the transfer price declared by the taxpayer to be at arm’s length. Safe harbour provisions prescribe the minimum return/price for a specified list of intra-group transactions with respect to Transfer Pricing. Vide notification dated August 09, 2023 the CBDT has extended the applicability of Safe Harbour rules to AY 2023-24.
Finance Act, 2023 brought in an amendment for the purposes of calculation of “perquisite with regard to the value of rent-free or concessional accommodation provided to an employee, by his employer”. Accordingly, CBDT has modified Rule 3 of the Income-tax Rules vide notification dated August 18, 2023. The categorization and the limits of cities and population are now based on the 2011 census as against the 2001 census followed earlier. The revised limits of population are 40 lakh in place of 25 lakh and 15 lakh in place of 10 lakh. The earlier perquisite rates of 15%, 10% and 7.5% of the salary have now been reduced to 10%, 7.5% and 5% of the salary respectively in the amended Rule.
The CBDT vide notification dated August 01, 2023 has introduced Form 3AF for furnishing details regarding preliminary expenses incurred by taxpayers. The Form has to be submitted one month prior to the due date of filing Income Tax Return. New form is aimed at ensuring transparency in deductions made for Preliminary expenses.
CBIC has notified rules and guidelines to be followed by E-com Operators for dealing with Composition and Unregistered suppliers as follows:
- when goods are supplied through them by Composition dealers, E-Com Operators have to collect tax at source and have to file Form GSTR-8 giving details of such supply.
- when goods are supplied through them by Unregistered dealers, E-Com Operators can transact only if such person has an enrollment number on common portal and have to file Form GSTR-8 giving details of such supply.
Supply of food or beverages in cinema hall
CBIC vide Circular dated August 01, 2023 has clarified that supply of food and beverages in cinema halls is taxable as a restaurant service at the rate of 5% GST as long as they are provided independently of the cinema exhibition service. If they are part of a bundled supply satisfying the test of a composite supply, the entire supply will attract GST at the rate applicable to the cinema exhibition service, which is the principal supply.
Director’s services by way of renting immovable property
It has been clarified that services supplied by a director of a company or body corporate to the company or body corporate in his private or personal capacity such as services supplied by way of renting of immovable property to the company or body corporate are not taxable under RCM. Only those services supplied by director of company or body corporate, which are supplied by him as or in the capacity of director of that company or body corporate shall be taxable under RCM in the hands of the company or body corporate.
Quote of the day
"The true teachers are those who help us think for ourselves."
- S. Radhakrishnan
Disclaimer: The contents of this Newsletter are only a summary and has not dealt with any issue in detail. Any action taken or proposed to be taken must be in consultation with professionals and not merely based on the articles / news updates. S. C. Sharada & Associates disclaims all liability on action taken without professional advice.